FAAC: Buhari issues order over allocation saga

President Muhammadu Buhari has ordered for the review of the revenue reporting template between the NNPC and the Federation Account Allocation Committee (FAAC).

Minister of Finance, Mrs Kemi Adeosun conveyed the President’s directive on Friday while giving a breakdown on how N821.9 billion revenue generated in June was shared among the three tiers of government.

“As you are aware, in the last couple of FAAC meetings, the accounts presented by NNPC were not acceptable by the states and so, Mr President asked to be briefed on the issue.

“Based on that briefing, Mr President asked for further information to be provided by both the Ministry of Finance and the NNPC.

“Last Thursday, he held a meeting with myself, the Chief of Staff, the Minister of State for Petroleum and the NNPC team.

“Mr President gave some certain directives, one which relates to FAAC, is the need to revise the template.

“It was ascertained that the reporting template between the NNPC and FAAC was not providing the right level of assurance around the figures.

“It is for this reason that he has directed that a new template be generated jointly between the Ministry of Finance, the office of the Accountant-General, NNPC and RMAFC,” she said.

Adeosun said Buhari also directed that henceforth, before FAAC meetings, a team from the Ministry of Finance and the NNPC should go through the figures and agree before presenting it to FAAC members.

FAAC: Buhari issues order over allocation saga
Reviewed by Youngblogger
on
27 July
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